Eastman Kodak has gotten court approval to emerge from bankruptcy as a smaller digital imaging company, according to BBC. Kodak was originally supposed to exit bankruptcy in July. Kodak has a lot of history as they started in New York over 100 years ago. Throughout the 20th century, Kodak had a dominant position in photographic film, especially in 1976 when they had 89% market share for that market.
U.S. bankruptcy Judge Allan Gropper agreed to Kodak’s plans. That means that Kodak should be trading again in two weeks.
Unfortunately, Kodak filed for bankruptcy protection last year due to intense competition in the digital photography with Canon, Nikon, Olympus, etc. The company also a lot less demand for film due to the popularity of digital photography.
Kodak has sold off some of their businesses and patents since filing for bankruptcy.
“Kodak is a different company that the one in the popular imagination and very different from the one that filed for bankruptcy,” stated Kodak legal rep Andrew Dietderich.
Creditors are expected to get back only 5% of the money that they are owed. Kodak sold their film and printing businesses to their UK pension fund for $650 million.